Refiner Sunoco to spin off its coke business

PHILADELPHIA (AP) - Petroleum refiner Sunoco says it plans to spin off its metallurgical coke manufacturing operations as part of a plan to boost the value of its shares.

It also said it expects its refining business to report a profit for the quarter for the first time since the first quarter of 2009.

Sunoco Inc. said SunCoke Energy will be split from the company in the first half of 2011. Coke is a key ingredient used to make steel. The company provides coke for steel manufactures in the U.S. and Brazil.

Its shares rose 4 percent to $33.57 in morning trading.